July 19, 2020

Buying Agent Vs. Real Estate Agent

The term buying agent, or property finder, is not one that everyone is familiar with. When people want to buy a home they automatically visit their local real estate agent. So what is the difference between the two?

What is a buying agent - aankoopmakelaar sittard?

A buying agent is just that - they work on behalf of the buyer to find the right property at the right price. Unlike a real estate agent, a property finder will solely concentrate on their client's needs - not the needs of the seller.

Real estate agents work on commission and are almost always trying to get the highest selling price possible for the seller of the property.

A property finder does the opposite - they want to get the lowest price possible for the buyer. Their job is also to get hold of properties that real estate agents may not even have access to.

What do they cost?

The cost of hiring a buying agent varies depending on a variety of factors, including the location you are searching in ( London property finders, for example, are generally more expensive to hire than those in Manchester), their experience and the value of the property you are hoping to buy.

Generally, property finders will take a retainer before they start working. This retainer covers their costs while they search for your home. They may or may not then take a commission of the final house sale at the end - each one will work differently.

Benefits of a property finder

Although a real estate agent can be of benefit to anyone hunting for a home or commercial property, they don't have the time (nor is it in their job description) to do the searching for you. Their primary role is to sell houses.

Buying agents are only interested in buying houses - they don't get involved in the selling. They can almost be considered to be 'house detectives', as their clients can give them very specific requests (such as a run-down property with a swimming pool in central Manhattan) - and it is their job to fulfill those requests.

For people who are short on time (property finders often work with celebrities and globe-trotting business men), a buying agent can take the stress out of house hunting. You give them the specifications and they find it for you.

After finding the house, their next job is to bargain with the seller. Often this is a private seller or developer who's property has not yet officially gone on the market, but with tough bargaining the buying agent can often secure the property for their client.